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Heat Pipes Market by End-user and Geography - Forecast and Analysis 2021-2025

Heat Pipes Market by End-user and Geography - Forecast and Analysis 2021-2025

Published: Sep 2021 120 Pages SKU: IRTNTR43737

The predicted growth for the heat pipes market share from 2021 to 2026 is USD 976.78 million at a progressing CAGR of 6.17%.

This heat pipes market forecast report extensively covers segmentations by:

  • End-user - Aerospace and defense, automotive, food and beverage, and others
  • Geography - APAC, Europe, North America, South America, and MEA

This heat pipes market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The heat pipes market report offers information on several market vendors, including Advanced Cooling Technologies Inc., Avnet Inc., Foxconn Technology Group, Furukawa Electric Co. Ltd., Innergy Tech Inc., Nidec Corp., Novark Technologies Inc., ThermoTek Inc., Wakefield Thermal Solutions Inc., and WTL Heat Pipe Technology Co. Ltd. among others.

What will the Heat Pipes Market Size be During the Forecast Period?

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"APAC countries, especially China, India, Japan, Thailand, and South Korea, lead in regional automotive production. The automotive industry is one of the major end-users of heat pipes. China contributes a significant proportion to global automobile production. China, India, Japan, South Korea, and Thailand together contributed a major share of global automobile production in 2020."

Heat Pipes Market: Key Drivers, Trends, and Challenges

The rise in exports of electronic goods from APAC is notably driving the heat pipes market growth, although factors such as volatility in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heat pipes industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Heat Pipes Market Driver

One of the key factors driving growth in the heat pipes market is the rise in exports of electronic goods from APAC. There has been an increase in the exports of electronic goods from major APAC nations such as Taiwan, Japan, Singapore, and South Korea. For instance, the consumer electronics market in Taiwan is expected to grow significantly during the forecast period. The electronics industries, particularly the semiconductor industry, are flourishing in APAC due to the increased penetration of smartphones, which has led to higher sales and increased production levels. This is expected to drive the market for heat pipes in the region during the forecast period.Though smartphone sales have been stagnant, the unit shipments of smartphones have been growing rapidly. The decline can be attributed to market fragmentation in North America, Western Europe, and China, as well as a drop in the average selling prices of smartphones in developed retail sectors. However, smartphone penetration worldwide will increase the demand for heat pipes, which are used in checking the compatibility with new technologies and enhancing the performance of these devices.

Key Heat Pipes Market Trend

Growing investments in renewable energy is one of the key heat pipes market trends supporting the market share growth. Heat pipes are predominantly used in heat exchangers to ensure the efficient transfer of heat for a longer distance. A heat exchanger system is a key piece of equipment used in renewable energy systems to enhance energy efficiency. Some of the equipment in which heat pipes are used are listed below: Air preheatersCharge air coolersClosed-circuit coolers. Exhaust gas recirculation cooler plate heat exchangersRadiatorsTransformer oil pumps Shell and tube heat exchangers. Heat exchangers are used in renewable energy to store energy in solar thermal plants, air coolers for biomass and wind power plants, and in plate heat exchanger solutions in geothermal plants. The demand for power is continuously increasing worldwide. Further, the growth in population and economic activities is expected to drive this trend. Population growth and rapid economic development will require a substantial amount of power to sustain the rate of growth. Growing concerns over global warming have compelled many countries to shift to alternative sources of clean energy.With the rise in the number of countries that have renewable targets and policies, there has been an increase in the production of power from renewable resources; this necessitates the presence of adequate and reliable power transmission, which can be provided by a smart grid. This will increase the market prospects for the renewable energy market, thereby propelling the demand for heat exchangers, which, in turn, will drive the demand for heat pipes in the power industry.

Key Heat Pipes Market Challenge

The volatility in oil and gas prices will be a major challenge for the heat pipes market during the forecast period. The recent fall in crude oil prices will upset the heat pipes market, in general, as the oil and gas industry is one of the leading end-users of heat pipes. Shale gas exploration in the US had reached record levels during the past five years. The Middle East countries have not reduced their output as they fear losing market shares. This has led to a continuous fall in oil and gas prices. This has caused heavy losses in revenue and profit margins for the entire oil and gas industry. A reduction in the demand, together with an amplified supply of crude oil, has added to the slump in oil and gas prices. This has compelled the oil exploration companies to scale back their planned investments and reduce capital expenditure.Similarly, companies such as Chevron, Royal Dutch Shell, and Gazprom have also condensed their scheduled expenditures on exploration activities. This reduction in planned expenditure and delay in critical investment decisions will affect the demand for heat pipes in the oil and gas industry, where heat pipes are used in both upstream and downstream processes. For instance, heat pipes are used in various applications in the oil and gas industry, such as in the production of crude oil, drilling, oil and gas production, petrochemical, and oil and gas transportation. With the industry players holding off on their new purchases and waiting for a better business environment and economic situation, it will lead to the deferment of the planned investments in heat pipes in the oil and gas industry.

This heat pipes market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global heat pipes market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heat pipes market during the forecast period.

Market Overview

The parent global industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Technavio calculates the global industrial machinery market size based on combined revenue generated by manufacturers of machinery and components used in the industrial environment.

Who are the Major Heat Pipes Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Advanced Cooling Technologies Inc.
  • Avnet Inc.
  • Foxconn Technology Group
  • Furukawa Electric Co. Ltd.
  • Innergy Tech Inc.
  • Nidec Corp.
  • Novark Technologies Inc.
  • ThermoTek Inc.
  • Wakefield Thermal Solutions Inc.
  • WTL Heat Pipe Technology Co. Ltd.

 

This statistical study of the heat pipes market encompasses successful business strategies deployed by the key vendors. The heat pipes market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Avnet Inc. - The company offers heat pipes for different purposes such as Aerospace, Consumer electronics, Server, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The heat pipes market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Heat Pipes Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the heat pipes market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the industrial machinery market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftermarket and service
  • Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Heat Pipes Market?

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38% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for heat pipes in APAC. Market growth in this region will be faster than the growth of the market in the European and North American regions.

The increase in the demand for processed foods and the shift in dietary habits will facilitate the heat pipes market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a negative impact on the regional market growth. However, amid COVID-19, there has been increased adoption of consumer electronics such as smartphones and other digital devices, which incorporate heat pipes to increase the performance of such devices. Such factors will increase the demand for heat pipes, and hence, it is expected that the market for heat pipes in the region is likely to show good growth during the second half of the forecast period.

What are the Revenue-generating End-user Segments in the Heat Pipes Market?

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The heat pipes market share growth by the aerospace and defense segment will be significant during the forecast period. The commercial aviation sector is expected to experience strong revenue growth, owing to high production levels, and was primarily driven by the demand for next-generation aircraft and growing passenger traffic. Also, the number of commercial passengers is expected to double in the next two decades and thus propel the demand for commercial aircraft. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the heat pipes market size and actionable market insights on post COVID-19 impact on each segment.

 

Heat Pipes Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.17%

Market growth 2021-2025

$ 976.78 million

Market structure

Fragmented

YoY growth (%)

5.75

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 38%

Key consumer countries

US, China, Germany, UK, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Advanced Cooling Technologies Inc., Avnet Inc., Foxconn Technology Group, Furukawa Electric Co. Ltd., Innergy Tech Inc., Nidec Corp., Novark Technologies Inc., ThermoTek Inc., Wakefield Thermal Solutions Inc., and WTL Heat Pipe Technology Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Heat Pipes Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive heat pipes market growth during the next five years
  • Precise estimation of the heat pipes market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the heat pipes industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of heat pipes market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Heat Pipes market growth will increase by $ 976.78 mn during 2021-2025.

The Heat Pipes market is expected to grow at a CAGR of 6.17% during 2021-2025.

Heat Pipes market is segmented by End User( aerospace and defense, automotive, food and beverage, others) Geographic( APAC, Europe, North America, South America, MEA)

Advanced Cooling Technologies Inc., Avnet Inc., Foxconn Technology Group, Furukawa Electric Co. Ltd., Innergy Tech Inc., Nidec Corp., Novark Technologies Inc., ThermoTek Inc., Wakefield Thermal Solutions Inc., WTL Heat Pipe Technology Co. Ltd. are a few of the key vendors in the Heat Pipes market.

APAC will register the highest growth rate of 38% among the other regions. Therefore, the Heat Pipes market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, Germany, UK, Japan

  • Growth in the HVAC industryHeat pipes are generally used in HVAC systems to recover energy from the cooling and heating phases. Both the applications of the systems can result in significant energy savings. Heat pipes are simple air-to-air heat exchangers that consist of a metal tube is the driving factor this market.
  • which is charged with a precise refrigerant when a vacuum is created in it. Heat pipes recover heat by controlling it through a phase change. The heat pipe system is the driving factor this market.
  • generally a tube or multiple tubes is the driving factor this market.
  • has a warmer air stream. Initially is the driving factor this market.
  • the warm air heats the refrigerant and boils as it extracts energy from the air stream. Once the refrigerant becomes a vapor is the driving factor this market.
  • it travels to the cold side of the system is the driving factor this market.
  • where it undergoes a phase change and is converted back into a liquid. This process releases the heat absorbed from the warm side by distributing it to the cold side.Few common applications of heat pipes in HVAC systems include:Ventilation systems: Here is the driving factor this market.
  • the heat pipes recover energy from exhaust air to precool hot summer air or preheat cold winter ventilation air.Hot is the driving factor this market.
  • humid climates: Here is the driving factor this market.
  • the dehumidifier heat pipes are wrapped around the cooling coil is the driving factor this market.
  • and the coil is used to extract more moisture from the air stream. The overcooled air is too cold for actual use is the driving factor this market.
  • and hence is the driving factor this market.
  • it is reheated to a more comfortable temperature before being supplied.In the US is the driving factor this market.
  • high demand for controlling heating and air conditioning equipment (thermostats) will drive the need for HVAC controls. In developing countries such as China is the driving factor this market.
  • the growing need for air quality monitoring systems is the driving factor this market.
  • which facilitate the reduction of the incidence of respiratory diseases is the driving factor this market.
  • is likely to boost market growth. The rise in the deployment of HVAC equipment in domestic is the driving factor this market.
  • commercial is the driving factor this market.
  • and industrial buildings will create more demand for heat pipes. HVAC consumes nearly 40% of the electricity used in commercial buildings. Therefore is the driving factor this market.
  • the growth of the HVAC industry will drive the market for heat pipes globally. is the driving factor this market.

The Heat Pipes market vendors should focus on grabbing business opportunities from the aerospace and defense segment as it accounted for the largest market share in the base year.